Woori Financial Group, one of leading South Korea’s banking companies, is stepping into digital asset custody.
In line with an official report within the Korea Economic Daily, the bank is fixing a custody venture with Coinplug, one of the earliest Bitcoin [BTC] cryptocurrency exchanges in South Korea and a blockchain financial services provider.
Coinplug is going to be a major shareholder within the venture with Woori Bank, which is also the second-largest shareholder, the report outlined. Custody permits Korean firms to take a position in crypto without having to touch the asset themselves.
Woori follows other Korean banks like KB Kookmin and Nonghyup Bank into the crypto custody ecosystem as South Korean lawmakers draft crypto legislation and therefore the country’s FSC [Financial Services Commission] implements AML [Anti-Money Laundering] safeguards.